Rebirth of the investment era

At 9:15 a.m., both cities opened lower across the board.

Whether it is the main areas of 'growth stocks' such as 'mobile Internet' and 'smartphone industry chain' which performed well before the holidays; or 'infrastructure' and 'state-owned enterprise reform' which have been weak before and have never come out of the continuous adjustment trend. , 'military industry', 'finance' and other core main line areas of the main board, at this moment, they all show an obvious low opening and falling state. On the market, the selling pressure is extremely obvious.

"All hot spots are gone, and all lines are opening lower." At this moment, inside Yuhang Investment Company, in the main fund trading room, Li Meng was observing the market, a little surprised, "The influence of external market trends is a bit too exaggerated, right? I feel that domestic investors , the emotional reaction was obviously a bit excessive."

Su Yu looked at the market performance of opening lower across the board and looked a little surprised. He said: "It should not only be affected by the external market trend, but also the expected benefits of the holiday have not been fulfilled, and after the restart of the IPO, the first batch of new stocks will be listed soon. Due to various influences.”

"Then this is an overreaction, right?" Li Meng continued, "Looking at the lines of 'infrastructure', 'state-owned enterprise reform', 'military industry', and 'finance', the trend is obviously heading towards a new low. According to In this situation, once the panic selling situation forms again in the market, the Shanghai Stock Index may not be able to hold the 2,200-point mark."

Before the Dragon Boat Festival, the Shanghai Stock Exchange Index closed at 78 points, which was less than 1% of the downside from the 2,200-point mark.

According to the current collective bidding situation of the entire market.

If the market investment sentiment continues to have such negative feedback and the market selling continues to intensify, then maybe a lower opening will directly break through the 2200 point mark.

"2200 is the psychological support level for market investors. In fact, it is okay if it is broken." Su Yu said, "If it is not broken, it will not be established. If the index does not break through this strong support point, some stubborn holding chips in the market will not be able to come out. And if these hold-ups cannot be released, the market adjustment will not be sufficient, and naturally there will be no real bottom."

"But market investment sentiment is already weak. If the Shanghai Stock Index cannot hold on at the 2,200-point mark, then market expectations... may go to the 2,000-point mark." Li Meng said, "If this is done, the market adjustment time and The space will be stretched a lot.”

Su Yu smiled and replied: "Not necessarily. As long as the stubborn holding chips in the market are smashed out, the selling pressure in this range is completely released, and the market reverses and rebounds, it will be much more powerful than clinging to the 2200 point mark. In fact, the market has reached Now... we are just one step away from the final drop before the real adjustment bottoms out.”

"I'm afraid that as soon as 2200 points is broken, the market will form a panic selling situation, and the main funds on and off the market will be less willing to buy the bottom." Li Meng said, "Fear and greed are always on the thin line, saying Under extreme circumstances, what would everyone choose?"

"It is better to seek help from others than to ask for yourself." Su Yu said with a smile, "If the market recovers from the final fall, it is okay for us to catch the market's flying knife."

"Us?" Li Meng was slightly startled, "Are you planning to push all positions in from this position?"

Su Yu paused for a moment and responded: "As you just said, there is always a fine line between fear and greed. If the market gives us an opportunity, we naturally cannot hesitate."

At the current stage, after the initial increase in positions lasted for less than half a month.

During the period when the Shanghai Stock Index fluctuated between 2250 and 2212, the positions of the company's main fund products, 'Yuhang 1' and 'Yuhang 2', have returned to about 60% of the position level, which was only last month. The newly established 'Yuhang No. 3' main fund product has also added about 35% of its new positions.

According to several major funds, the current position water level is.

If he wants to continue to increase his position to a full position, Su Yu still has more than 10 billion in funds that he can use.

As for the increase of more than 10 billion in funds, in the current situation where the daily turnover of the market is only about 100 billion, at critical moments, it can hold up the market, arouse emotions, and leave a strong mark in the short-term market trend. And this is also the opportunity Su Yu has been waiting for.

"Okay!" Li Meng responded, "Then I hope that the market trend can really be like what you said, and it can break and then stand up, ushering in a real bottoming out and reversal."

After saying that, she turned her attention back to the market trading board.

At this time, the market trading time has slipped to 9:18. The selling sentiment in the two cities has not weakened, but has become stronger and stronger. Among them, the concepts of 'venture capital' and 'backdoor reorganization' led the decline, and the concept of 'mobile Internet' led the decline. ', 'Smartphone Industry Chain', 'Infrastructure', 'State-owned Enterprise Reform', 'Internet Finance' and other core main areas that have been focused on by the market's main funds in the early stage are also hot spots. Their related industry sectors and concept sectors The trend of the index is also increasing.

"Mr. Su, I feel that the volume of selling in the market is still increasing." Zhao Lijun in the trading room reported, "If this pattern continues, the buying orders that are willing to be taken on both inside and outside the market will not be able to hold on at all."

"I feel it too." Wang Can added, "Market panic is obviously spreading."

Liu Yuan thought for a while and said: "In a downward trend, it will fall for a long time. Originally, everyone was not very confident that the market would bottom out at this position. At this time, it was induced by the external market trend, coupled with the poor market situation before the holiday. liquidity, market selling sentiment spread rapidly, which is also reasonable."

"For the top twenty popular stocks that attract market attention, except for the trend of a few daily limit-shaped boards that are good for the resumption of trading, the rest of the call auction trends are basically not as good as expected." Zhu Tianyang also took over and said, "From the call auction trends of these popular stocks, we can It can be seen that under the influence of emotions, market hot money also tends to be cautious and does not dare to relay orders at will."

"The money-losing effect is obvious, who dares to take radical action?" Wang Can then responded, "Looking at this situation, the market performance will be even worse after 9:20."

As everyone spoke, the market trading time had already moved to 9:19.

I saw that as the time quickly reached 9:20, the number of selling orders on the entire two markets was still increasing, without any sign of cancellation. At the same time, with these increasing selling orders, several core main lines of the market , as well as a number of popular concept stocks that are actively traded on the market, and the stock price trends are also downward simultaneously. The overall decline of the two cities that opened lower is still slowly expanding.

Then, when 9:20 came.

The two cities no longer have any industry sectors and still maintain a red market status.

Among them, the concept sectors of 'venture capital', 'backdoor restructuring' and 'st sector', which led the decline, opened lower by more than 2%.

"Sure enough, the panic has not weakened, but has spread in depth." After seeing that the market entered the real call auction session, the low opening status of the two cities not only did not improve, but became worse and worse. In the trading room, Li Meng could not help but chuckle again. He sighed and said, "Looking at this situation, the index is opening low, and it will probably exceed 1 point. The 2200 point mark should be a huge test today."

"No matter how the market goes." Su Yu looked back at the traders in the entire trading room and said, "Follow the previous trading strategy, don't be afraid to buy, and don't be greedy and aggressive." Buy into the rhythm and keep hiding yourself.”

Although the market's decline came faster and more violently than he expected.

And during this period, as several major funds continued to increase their positions, the magnitude of the net value retracement was larger than originally expected.

But overall...

Watching the core main lines of 'infrastructure', 'state-owned enterprise reform', 'military industry', and 'Internet finance' once again enter the extreme investment field; watching the chip structure of these main lines in the market being disrupted again; watching the short-term market sentiment The gap between expectations and long-term market fundamental expectations is getting wider and wider, and Su Yu is getting more and more excited.

He felt that the real 'big opportunity' was right in front of him.

He felt that this was the 'last drop' before the subsequent bull market started, and it was also the best opportunity to build a position in the subsequent bull market.

"Okay!" In the trading room, several trading team leaders in charge of trading responded.

Then, the time quickly moved towards 9:25, and the entire 'Yu Hang Group' fund trading group also began to follow the previous trading strategy, frequently trading in 'infrastructure', 'state-owned enterprise reform', 'military industry', and 'internet finance'. 'On the core component stocks of industry sectors and concept sectors related to these major main lines, orders are placed on some core component stocks with heavy selling orders to accept selling orders.

And almost at the same time.

Inside Anzhao Fund, both in Yuhang, Zhou Hui and Qin Qiuyue watched the market's sharp decline in the opening call auction trend after the Dragon Boat Festival, but there was clearly a trace of fear in their eyes.

"Fortunately, we have decisively reduced our positions before." Zhou Hui said luckily, "Otherwise, the retracement of our fund's net value at this moment should have reached 15%, back below the basic net value, and... Look at this, the Shanghai Composite Index is at 2,200 points Today we are bound to undergo a huge test, and whether we can hold on is really a question."

Ever since I realized something was wrong and decisively reduced my position.

At this moment, their positions in the 'military industry' line have been reduced to the safe position area of ​​less than 30%.

Although they continued to sell down and reduce their positions despite losses, the absolute magnitude of the losses was very large for their actual positions in this direction.

However, due to the light position, the impact on the overall net value of the entire fund is no longer significant.

In other words, in the continued downward trend of the market, they have transformed their previous passiveness into their current activeness by continuously reducing their positions.

When Qin Qiuyue heard Zhou Hui's emotion, she couldn't help but nodded slightly, and said happily: "Indeed, fortunately we didn't hesitate, otherwise we would have been really passive at this moment. I didn't expect that the market trend could be so weak. Since mid-May, Since then, for a whole month, the Shanghai Stock Exchange Index has dropped from 2,500 points without even a decent and powerful rebound."

"Looking now, the restart of the market IPO has a really big impact on the market's investment sentiment." Zhou Hui continued, "With the continuous decline of the market, various investor groups can be said to be buying the bottom all the way, standing guard, and buying all the way. By following a trick, the market expectations and confidence were shattered."

"Look at the market's peak volume in mid-May, and compare it now..."

"In terms of the performance of the two markets, the volume has declined by more than 70 billion, which is close to halving."

“This shows that the investor groups that were previously involved in the market are all leaving the market. It also shows that as the market continues to decline, the liquidity on the market is getting lower and lower.”

"The lower the liquidity, the less profitable it is."

"The less money-making effect there is, the lower the participation of active funds on the market."

"Similarly, if the participation of active funds on the market is getting lower and lower, the performance of market volume, market performance, and liquidity will also become lower and lower."

"This is an endless loop of continuous negative feedback!"

Zhou Hui paused for a moment and continued: "I feel that the market has returned to the rhythm of the first quarter. It has been falling continuously with no end in sight. A support and rebound are not buying points, but selling points."

"Well, I feel the same way." Qin Qiuyue said, "I'm afraid it will be difficult to hold on at 2200 points. I didn't expect that the Shanghai Stock Index would break through so strongly in 4 or 5 points, but it would eventually fall back, and there is a high probability that it would It will also return to the large box shock with the range of 2000 points to 2200 points.”

"Why……"

Speaking of this, Qin Qiuyue couldn't help but sigh, paused for a while, and continued: "The good trend was really ruined by the regulators' impatient IPO restart plan. Now if we want to reverse the overall trend of the market, In terms of time and space, I’m afraid it will take a long time before there is any hope.”

"At least in late July, there should be a turn for the better, right?" Zhou Hui said, "The current market, the overall investment rhythm, is risk averse and likes certainty. This depends on the defensive nature of the market's consumption, medicine, etc. This conclusion can be drawn as the sector has become the relatively leading area of ​​the market."

"And the so-called investment opportunities that are certain..."

"What can be seen now is the performance hype in the interim report, and the disclosure of the interim report happens to be in the time period of July and August."

"The internal logic of the so-called stock market proverb about five times being poor and six times being great and making a comeback should also refer to the performance expectations of the mid-term report."

"Absolutely!" Qin Qiuyue quite agreed with Zhou Hui's market analysis. "Looking at it now, we did rush into the 'military industry' line before. Hey...we are in the 'military industry' line." On the line, the absolute loss is so huge, I bear some responsibility."

"It's all over, Mr. Qin doesn't have to blame himself." Zhou Hui said, "Fortunately, we corrected it in time and did not cause greater consequences and losses. At the same time, we also kept this year's net worth above the profit line, which will enable us to follow-up The operation will not fall into a passive situation because of this loss."

"However, the current net value of our fund, despite a sharp retracement, is still too close to the horizontal line of the basic net value." Qin Qiuyue thought for a while and said, "If the Shanghai Stock Index cannot hold the 2,200-point mark, then this If you continue to kill in tone, according to our fund’s overall position level, there is still a greater risk!”

"So, we still have to reduce our positions." Zhou Huiying said, "We have to further reduce the overall position of the fund to a range of 20% to 25% to be truly safe. At the same time, we must avoid main areas with relatively high market risks, such as new stocks. As it is about to go public, it has lost the expected various conceptual sectors such as 'venture capital', 'reorganization backdoor', and 'st sector', as well as the early hype of 'infrastructure', 'state-owned enterprise reform', and 'military industry'. Now it’s all over the place, and the market is stuck in the overlapping main line areas.”

"Yeah!" Qin Qiuyue responded, "Let's first reduce the stocks held in several areas with relatively low liquidity!"

Since the market trend has shown that it has not yet bottomed out, at the same time, investment sentiment, investment expectations, investment confidence and other emotional aspects on and off the market are still continuing to decline. There is also high uncertainty about the trend of the external market. In terms of domestic news, , and no decisive benefits will be released... Then, in terms of investment risks, she must fully learn from the previous overly aggressive investment lessons and implement the trading strategy of reducing positions to the end.

"Okay!" After receiving Qin Qiuyue's approval, Zhou Hui responded hurriedly.

Then, orders were given to traders to continue reducing their positions.

With the implementation of different trading strategies by the two main market funds of the 'Yuhang Series' and 'Anzhao Series', the market trading time at this moment has entered 9:24.

At this moment, there is less than a minute left before the entire collective bidding ends.

It can be seen that in the last minute before the call auction, the overall pattern of the market has completely shifted towards the short direction.

'Venture capital', 'restructuring backdoor', 'st sector', etc., affected by the news that the market IPO channel has reopened and the first batch of new shares are about to land on the market, have completely lost short and medium-term speculation expectations, and have been held by those who hold shares on the market. Large funds and large investor groups from all parties have given up the most completely, leading the decline in the two markets, and most related concept stocks have seen their market declines expand to more than 5%.

Especially the 'st sector', even before the official opening, there was a wave of limit-down.

As for the core main lines of 'military industry', 'infrastructure', 'state-owned enterprise reform', and 'Internet finance', which are favored by the 'Yu Hang Group' and continue to build positions at low levels, as well as their related industry sectors and concept sectors, their performance has not improved. It is better than the conceptual areas of 'venture capital', 'restructuring backdoor' and 'st sector' that have been completely abandoned by various funds, but it is still limited and is still an area that the main financial groups in the market focus on selling.

On the contrary, the two main areas of ‘medicine’ and ‘consumption’ have returned to the mainstream position in the market.

Throughout the entire collective bidding process, it became an area where the two cities performed relatively well and had obvious main funding.

As before, especially in the market trend last week, the main lines of 'growth stocks' in the two cities, including the small and medium-sized board and the GEM, which performed relatively well, such as 'mobile Internet' and 'smartphone industry chain', are affected by the market trend today. The impact of the poor performance of similar stocks in the external market during the holidays, or the impact of market speculation, hype, and further decline in risk appetite, shows obvious signs of ebbing, whether it is the overall market trend or the market performance of related core concept stocks. Below the market average.

Of course, relatively speaking, during the entire collective bidding process.

What is even more violent about the sell-off of funds on the market is the so-called "obsolete leading" stocks that have lost the effect of following the market trend and were over-hyped in the early stage.

In this field, stocks such as Beixin Road and Bridge, Shanghai Sanmao, Shanghai Steel Union, Shanghai Construction Engineering, Beijiang Communications Construction, Anjie Technology, Shuobed... etc. have a low opening range, basically not lower than 3%, and after the check of 30 cents on the Shanghai stock market was completely abandoned by various funds on the market, its decline was almost suppressed by the market selling to near the limit.

Finally, when 9:25 arrived, the collective bidding in the two cities ended.

Both the industry sectors and concept sectors in the two cities have shown a trend of rising in popularity, and the top gainers in the two cities are all defensive sectors, such as 'medicine', 'consumer', and 'big finance' , 'Petrochemicals' and other industry sectors, as well as 'gold', 'pharmaceutical business', 'liquor', 'white goods', 'automobile' and other concept sectors.

In addition to the performance of various industry sectors and concept sectors, the index...

The Shanghai Index was set at 93 points, down 98%. The Shenzhen Stock Exchange Index and ChiNext Index fell 13% and 27% respectively. Among them, the small and medium-sized index fell 39%. It not only led the decline in the core indexes of the two cities, but also among its constituent stocks, The number of stocks that opened lower than the limit also reached 5.

Faced with such a tragic opening situation, the entire market investor group, including large institutions, hot money, retail investors, etc., were all stunned, as if they were unwilling to believe that everyone had vowed before and took it as a solid support point. The 2200 point position was directly penetrated.